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From Italy's former Minister of Economy and Finance, a provocative and galvanizing jeremiad on the Euro crisis and global economic status quo As Europe's debt crisis persists and the aftershocks of the 2008 collapse hinder recovery across the globe, Giulio Tremonti underscores the dangers that unchecked financial markets pose to democracy, and what nations must do to protect their autonomy. Condemning what he calls "marketism" an insidious ideology that puts speculative financial markets above all else Tremonti bemoans a world in which finance, not governments, sets the rules and determines political discourse. But when finance fails, it's the people who must pay the price. An instant and enduring bestseller in Italy, Exit Strategycalls for sweeping changes in both policy and mindset. Candid and critical as few politicians have been in the aftermath of the crisis, Tremonti breaks down the systemic failures of global finance and proposes a "New Alliance" between citizens and governments to free politics from the thrall of the financial markets, and put populations back in control.

Introduction

p. 11

Three Tragic Mistakes

p. 21

Dominant Capital

p. 43

The Financial Market: When Geography Meets Alchemy

p. 56

The Risk Is Ongoing

p. 65

Greece and Europe

p. 75

A Stress Test of the European Union Treaties

p. 84

A Stroll Through European History

p. 90

May's Great Illusion and the Deauville Autumn

p. 96

Europe?!

p. 104

Germany?!

p. 117

Four Possibilities

p. 127

The New Alliance

p. 144

The Exit Strategy

p. 157

Appendices

A Few Papers From My Files

p. 179

Preface to the Japanese Edition of The Fear and the Hope by Former Governor of the Bank of Japan Toshihiko Fukui

p. 189

From the First Few Pages of The Fear and the Hope

p. 191

The Twenty Years That Changed the Structure and Speed of the World

p. 200

The Financial Stability Board

p. 210

Credit Default Swaps

p. 217

Basel III

p. 222

The Ratings Agencies

p. 224

The Statistics of the Common European Market

p. 227

The Financial Interdependencies Between the Banking Systems of the Six Main European Countries with Regard to the Economies of Other Countries